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SUPERANNUATION balances have recovered about $70 billion in the past few months as the share market continues to gain ground.      super

The average growth fund is believed to have jumped another 1 per cent in May, adding $10 billion to balances.

This takes the recovery since February to about 7 per cent, or $70 billion.

According to independent research house Chant West, despite recent improvement, the average growth fund is still forecast to lose 13 per cent for the financial year.

Chant West investment research analyst Mano Mohankumar said yesterday results were still being held back by the share market and an continuing fall in unlisted assets, expected to show up to a 25 per cent loss for the year to June.

A separate survey released yesterday showed the downturn has put retirement plans of hundreds of thousands of Australians in doubt

Every second retiree or soon-to-be retiree had lost up to $50,000 in the past year from retirement savings or investment portfolios. About one in three had lost up to $100,000, it said.

The Bankwest survey, Retiring in the Downturn, said retirement plans of 74 per cent of older Australians had been disrupted.

“While younger Australians have years to recover, many retirees have little chance to recover lost wealth,” Bankwest’s Ian Corfield said.

Source  :   www.news.com.au

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